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Role of Back-office Automation Software In Insurance And Mortgage Industry

Role of Back-office Automation Software In Insurance And Mortgage Industry

This is a piece with impeccable data sanity along with a combination of a few interesting splices and dices of information for a data geek like me. What’s the lesson here? Let’s scroll down.

This exciting digital world, and the speed at which technology is being adopted, are enabling the development of clever mechanical and digital solutions with the potential to address global challenges. You might picture a robot doing its job autonomously when you hear the word automation. And to some extent, you are correct. Automation is good, so long as you know exactly where to put the machine. One of the words used most frequently today is “automation”.

Not only is automation a commonly used term, but it is also a crucial component. In essence, the usage of automation technology has grown to entirely new heights.


  • What is RPA? Features of RPA
  • RPA Insurance 
  • What Does Insurance Robotic Process Automation Mean?
  • What Role Does RPA Play in the Insurance Sector?
  • Insurance RPA Use Cases for Automation
  • Snippet from Global Fintech Series guest post
  • RPA Mortgage
  • How may RPA be applied to mortgage lending?
  • RPA use cases for lending homes
  • Who is RPA’s service provider?
  • RPA Softwares
  • Let us have a look at some of the global Fintech providers, who have RPA by their side.
  • Last words

What is RPA?

Robotic process automation (RPA) is the use of software with artificial intelligence (AI) and machine learning (ML) capabilities to undertake repetitive, high-volume operations that previously required human labor. A few of these tasks are:

  • Answering questions
  • Performing computations
  • Preserving records
  • The act of transacting

“There is a lot of automation that can happen that isn’t a replacement of humans but of mind-numbing behavior – Stewart Butterfield”.


There is a widespread misperception that automation and robotic process automation are interchangeable, but this is untrue because classical automation and RPA differ greatly in many ways.

Application programming interfaces (APIs) and integration tools are programmed in traditional automation in order to integrate various systems. The target system must be well-known to the RPA developer.
On the other side, robotic process automation imitates user interface (UI) level user behavior. The developer need not be concerned with the underlying intricacies as long as the bot can follow the instructions.
Think about how a corporation might onboard a new hire. To create a new user account, email address, access rights, document retrieval, etc., data from many systems must be coordinated. The user account can automatically activate a template for the onboarding processes using robotic process automation.
RPA can aid in the evaluation, preparation, and creation of new personnel data, start the mailing of offer letters, and synchronize data between systems.

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The onboarding formalities used to take a few hours to finish before robotic process automation. But after RPA, the entire procedure might only take a few minutes. This has the following effects:

  • Processes can be automated to a 100% improvement.
  • Processing speeds increase by 10 times.
  • Accuracy is increased to 100%

With the assistance of RPA vendors such as UiPath, international IT companies employ RPA to automate their onboarding procedures.

This is not RPA– Examples of non-RPA Capabilities

You might picture a robot doing its job autonomously when you hear the word automation. And to some extent, you are correct. However, you might hold a few false beliefs, such as:

  • RPA is not an actual humanoid robot and neither does it exist.
  • RPA bots can’t completely replace people.
  • RPA bots cannot mimic human cognitive functions because they lack the capacity for rational thought or decision-making.

Features of RPA

  • RPA’s rich analytical suite controls and keeps an eye on all automated processes from a single console. Basic analytics on robots, servers, workflows, and other topics are provided by this console, which is accessible from anywhere.
  • Simple bot creation – RPA solutions make it possible to quickly build bots by recording keystrokes and mouse movements using built-in screen recorder components.
  • RPA solutions are code-free and can automate any application in any department. This is known as scriptless automation. Bots can be created by users with little programming experience using an easy GUI.
  • Security – RPA tools make it possible to configure and customize encryption capabilities to secure certain data types and protect against network communication disruption.
  • Hosting and deployment – RPA systems have the ability to automatically deploy hundreds of bots. In order to access data for repetitive operations, RPA bots can be installed on PCs and deployed on servers.
  • Debugging – While some RPA programs require that you stop them from working in order to fix mistakes, other tools permit dynamic interaction.


RPA Insurance

Every day, millions of people enroll in a wide range of insurance products for security. To obtain the most benefits, customers are going above and beyond for contextualized and real-time dialogues with their insurers. Businesses in the insurance industry are used to the marketing reality of low premiums and rising costs. However, the industry is currently at a turning point where growth can only be stimulated by adopting insurance automation as robots are shaping the future of work.

Read: Let’s Dive Deep Into Fintech Vs The Conventional Banking

It is clear that automation in the insurance sector has been gradual, slow, and frequently falls short of customer expectations. Therefore, businesses need to identify the high volume processes and automate them through RPA (Robotic Process Automation), Artificial Intelligence, and Machine Learning applications in order to create innovation in the insurance sector and stay ahead of the competition.

Market leaders in insurance may improve their workflow by automating time-consuming operations like data entry, record maintenance, transaction facilitation, etc. This is possibly the reason why it has been predicted that RPA for insurance will boost the insurtech sector to $261.6 billion by 2026. The global RPA market is expected to generate approximately $1202.1 million in sales by 2026 just for RPA.

What Does Insurance Robotic Process Automation Mean?

Insurance automation is the practice of streamlining all insurance operations for effective working management, including sales, marketing, renewals, etc. RPA is one of the most widely used automation tools for the insurance industry.

Traditional software automation techniques like robotic process automation (RPA) are utilized for activities including extracting vital data, traversing systems, sending pre-designed proposals, handling underwriting processes, filtering emails, and automatically updating the client’s documents.
The banking, finance, and insurance sectors are one of the fastest adopters of RPA, actively investing a total of $2.4 billion in RPA software solutions in 2022, according to a recent survey by Gartner.

Why Is Automation in Insurance Vital for Businesses?

In order to remain competent and successful, insurance companies have come to understand how critical it is to have solid relationships with their clients. In order to introduce digital communication with clients, automation is the only solution in the insurance industry. You might be shocked to learn that automation in the insurance industry can boost clients’ impressions of responsiveness and release up to 30% of capacity on an organizational level.

RPA is only the first stage in the automation of the insurance industry; for organizations to operate effectively, cognitive skills such as AI and analytics are also required. Your insurance company can become an intelligent, self-processing system by using cognitive software technologies like NLP (Natural Language Processing).

In addition to this, some further advantages of robotics in the insurance industry include:

1. Business scalability
RPA insurance services enable businesses to expand without affecting workflow. When you automate your insurance processes, you can anticipate:

  • Increased accuracy by 70-80%
  •  80% increase in response time
  • Business profitability and effectiveness
  • Financial technology specialists also think that businesses investing in RPA insurance will probably see a 100% return on their money right away.

2. Decreased cost
It is common knowledge that insurance companies manage a lot of data, either manually or through data integration. In either case, RPA insurance is the complete answer to the business’s digital transformation. Automation in the insurance industry can help organizations save a tonne of money by improving compliance and increasing revenues.

3. Decrease in human error
In the insurance industry, mistakes are very expensive. Insurance companies that allow the operational strategy to be impacted by human mistakes are more likely to have customer attrition and brand reputation issues. With a clear and automated system, RPA automation software can assist you in managing the growing needs of policyholders and consumers. You can serve your consumers as a result with fewer or no faults.

4. Sales increase
RPA for insurance is the ideal option if you want to advance with sales. It enhances data processing skills and offers insights that aid in helping sales representatives connect with the appropriate customers and finally increase sales. Without overlooking any nuances, intelligent automation in the insurance industry aids firms with pre-qualification, policy management, regulatory compliance, claims processing, etc.

What Role Does RPA Play in the Insurance Sector?

Insurance businesses use a variety of old software and systems. RPA enables companies to connect these disjointed systems with the least amount of coding possible, accelerating operations and cutting labor costs.

RPA is well known in the insurance sector for connecting systems at a lower level with Application Programming Interfaces (APIs) and bridging the gap between outdated insurance systems.
The following are some things that RPA insurance systems and services can do for a flawless distributed workforce:

  • Open emails, collect data, then transition to core systems.
  • Integrate with decision-making engines and workflow automation for completely automated procedures.
  • Use AI to improve the capabilities of bots
  • Utilise data to generate reports on profitability
  • Transfer data between systems and applications by copying and pasting

According to several projections, the insurance sector will be able to automate 25% of its operations by 2025. We now come to the uses of RPA in the insurance sector.

Insurance RPA Use Cases for Automation

Insurance companies are already using RPA to automate big-volume data processing activities. RPA can automate the entire process lifecycle by connecting new front-end technologies with backend settings, which makes it a natural fit for the insurance sector.

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Additionally, there are countless RPA use cases in the insurance sector. Here are a few of the main insurance sectors where RPA is being used:

1. Automating the handling of insurance claims

Processing claims is a time-consuming, meticulous, and document-sensitive process. Additionally, it requires a lot of manual labor to collect data in various formats from various channels and then process claims promptly. Insurance claim processing can be completed 75% more quickly using RPA automation than with human processing. Systems for automating claim management use NLP and OCR to extract data from input, identify fraudulent claims, and validate incorrect claims. By automating the processing of insurance claims, businesses may reduce the number of manual touchpoints and speed up timely reimbursement while putting the needs of the client first.

2. Scripting procedures

The risk associated with insuring individuals and assets must be assessed and analyzed by insurance underwriters. RPA in insurance underwriting makes it simple for underwriters to:

  • Complete the necessary fields in the internal system
  • Analyze the background of the customer and the asset
  • Obtain information from both internal and external sources
  • System triggers and fraud cases
  • Consider loss runs, etc.

3. Distribution and sales

The scary chores of sales and distribution, such as generating sales reports, completing legal and credit checks, conducting compliance, etc., can be made simpler by automating business processes in the insurance industry. In the insurance industry, sales and distribution are highly iterative processes that require constant management and updating of funnel statistics and sales records. In order to create a workflow that guarantees client satisfaction with fast RPA claims, this process also entails receiving quotes from several agents. Automation in insurance might help you with this step.

4. Regulation observance

Strict rules must be implemented to control the insurance business in order to standardize the documentation and audit trails. Your insurance company may run a significant risk of breaking the law if manual controls are used. Additionally, with high record volumes and maintenance, compliance can be challenging. Accessing log files and readily keeping track of compliance via internal review procedures are both made possible by insurance robotic process automation.

Additionally, the insurance automation can help with:

  • Validation of customer data
  • operations for data security
  • Account closure management and updating
  • creating compliance reports

5. Administration of policy
Automatic transactional activity monitoring is one of automation’s main advantages for the insurance sector. Bidding, quoting, rating, issuing, endorsing, and renewing are all part of the policy management process in the insurance sector. The insurance industries frequently struggle with an expanding customer base due to their numerous operations.

While navigating different applications, insurance robotics process automation can automate tasks like accounting settlements, tax settlements and regulations, credit control, etc. You will save a lot of time as a result during the full policy administration procedure.

6. Analytics for business and processes
As an insurance company, you want to give your clients the finest advantages possible. You may take longer to measure operational efficiency and find areas for improvement if you have many operational and paper-intensive processes. The AI bots can simply audit trails and assist with process analytics with RPA insurance services, thus enhancing the entire business process. RPA also streamlines processes and speeds up customer response times in this way.

7. Question Answering
In contrast to other industries, the insurance sector receives a never-ending stream of consumer inquiries. Customer satisfaction hinges on timely resolution, which is where automation in the insurance industry may help. With the aid of natural language processing technology and a specified set of rules, robotic process automation can quickly understand incoming calls and emails and respond to simple inquiries without the need for human assistance.

8. Use of outdated software
Many insurance companies use outdated programs and applications to carry out their daily operations. Such systems have a communication requirement with other systems. It could be challenging to integrate new software solutions with your current legacy software systems. Insurance robotic process automation acts as a link between the legacy programs that would otherwise be incompatible. Using automation in insurance, you can link your ERP and BPM programs. Along with that, insurance automation aids companies in policy cancellation by smoothly navigating through all customer-insurer interactions and delivering quicker resolutions.

Insurance automation helps your company grow sustainably while also supporting your goals and objectives for the company. RPA is becoming more and more popular among insurance businesses as a way to develop their business and improve daily operations. It’s time to embrace its advantages and use RPA insurance services to build a long-lasting, lucrative insurance industry.

Snippet from the Global Fintech Series guest post

Brian Halpin, SVP from SS&C Blue Prism had the following thoughts on automation:

  • Significant benefits from automation can be observed in terms of productivity, accuracy and speed. Intelligent automation not only delivers significant cost savings to companies but also relieves them of the time spent manually moving, collecting and posting data between different systems. Customer, employee and supplier satisfaction all increase because requests can be responded to more quickly. Instead of focusing on tedious and repetitive tasks, employees can devote their focus to essential work.
  • When implementing automation, companies should start with an external focus on customers and competition, using that perspective to design an end-to-end business process architecture that accelerates digital innovation. By looking at the business from the customer’s perspective, they can use automation to improve every aspect of the customer experience rather than just “getting things done faster.”

RPA Mortgage

How may RPA be applied to mortgage lending?

In the 2022 Gartner Magic QuadrantTM for Robotic Process Automation, Microsoft is positioned as a Leader. Alastair Bathgate and David Moss co-founded the business to offer a novel strategy now referred to as robotic process automation or RPA. Automate, Blue Prism’s first commercially available product, was introduced in 2003. To determine if a borrower has the financial means to repay the loan, mortgage lenders must carefully review a number of documents. RPA helps with the huge amounts of data and documents that must be scanned for verification. RPA merely automates operations like application interaction, data extraction, and reporting.

Let’s look into how RPA simplifies challenges

You can manage the time-consuming tasks associated with processing mortgage applications by integrating RPA applications. RPA will assist you in managing everything in an efficient manner, from downloading the documents to posting that material. The technique can also be used to push data from various publications into an organized database.

Information can be sent to borrowers using RPA bots. You may manage all borrowers at once using the sophisticated tool. RPA makes it incredibly simple to send encrypted files to borrowers. Unquestionably, one of the best strategies to enhance your mortgage lending procedure is through RPA. It guarantees work completion in real-time in addition to saving time. It’s a terrific approach to avoid the categorization costs associated with the human processing of documents.

RPA use-cases for lending for homes

Numerous industries, including the mortgage lending sector, use RPA extensively. It enables your staff to concentrate on both the consumers and the strategies that increase the company’s bottom line.
The following are some of the top use cases in the mortgage sector:

  • RPA in mortgage enables you to enhance the origination and processing of loans. The use of sophisticated and modern bots in the mortgage lending industry is growing mostly due to this.
  • RPA is useful for reporting and speeding up turnaround times. You will acquire correct data to expand your business thanks to the RPA’s rule-based algorithms.
  • The robot makes it possible to do a quality check on the documentation, ensuring that both manual and receptive jobs can be automated and improved. Additionally, it assists lenders in identifying their risk exposure and employing efficient mitigation strategies.

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RPA mortgage financing advantages

The mortgage business can greatly benefit from RPA by streamlining and automating mortgage loan processing. Here are a few advantages of employing RPA in case you’re still not sure why you should choose to implement digital transformation:-

1. Increased output
The mortgage loan application process can be arduous, intimidating, and overwhelming. RPA seems like the ideal option in this situation. It helps you shorten the time you need to wait for the loan to be approved. In turn, this lowers wasteful spending and boosts efficiency. Simply said, using RPA software will enable you to extend a large number of loans quickly.
2. No mistakes
In contrast to automated data input utilizing RPA bots, which is 99%+ accurate, manual data entry can have an error rate of up to 30%. RPA requires minimal human interaction while processing data with the highest degree of accuracy.
3. Easy auditing procedure
The auditing of loan paperwork and other associated activities can be automated using RPA. The hazards can be reduced with the aid of RPA bots. Additionally, you have the ability to efficiently manage the auditing process, ensuring that you get the most return on your investment.
4. Increased client satisfaction
RPA not only relieves your internal staff of tiresome chores but also aids in raising client satisfaction. You can concentrate on your consumers when you don’t have to deal with time-consuming duties by yourself.
5. Simple risk reduction
RPA gives you the ability to decide for yourself what risks the sector entails. You can check the data being processed by the software. This will assist you obtain a high level of compliance in turn.

Who is RPA’s service provider?

  • Capgemini.
  • Accenture
  • IBM
  • Deloitte
  • Ventures by Symphony
  • Infosys
  • Cognizant

RPA Software

The software used to configure tasks that need to be automated is known as RPA tools. Which of the many tools available to support RPA do you believe to be the best?

Your needs will determine that. Here is a list of frequently used instruments that support RPA’s goals:

  • Blue Prism
  • Robotics
  • UiPath
  • Workfusion
  • Pega
  • Redwood
  • OpenSpan

Let us have a look at some of the global Fintech providers, who have RPA by their side.

  • UiPath
    UiPath offers the easiest automation. The software is scalable according to your organization’s needs, can be integrated in your earlier systems and can be customized. It’s vital capabilities offer unmatched support that suits any business. This software can automate data entry of different formats for any kind of encryption. With UiPath by your side, the other systems and staff can work at their full potential as other monotonous tasks are automated. UiPath works with some of the behemoths of the financial industry like Heritage Bank, Eurobank, Federal Bank, American Fidelity, Maitland Group and many others.
  • AutomationEdge
    USA based RPA firm, AutomationEdge is creating its footprints in the customer service arena. Where companies are struggling with better customer service, this RPA software can save time by filling in accurate information. This software helps in the verification of new accounts, validation of new data, opening & closing accounts and change of customer details. This software helps banks to complete the account closure, which are otherwise done by filling in applications manually.
  • Kofax RPA
    Kofax RPA helps you create a digital workforce with the best robotic process automation features. While every organization is under constant pressure to automate and digitize all the aspects of the organization, there are still many who rely on manual tasks that may be vital for the business. Kofax RPA is the most efficient and the fastest way to acquire, segregate and deliver information virtually from any data source that includes desktop applications, websites, portals and enterprise systems without any need for coding.
  • Blue Prism
    Blue Prism ranks among the top 10 RPA software in the world and it is often used by large and medium sized enterprises. It utilizes artificial intelligence and machine learning to train the bots and make them adept at working on the end consumer behavior, executing instructions, and emulating humans. The major financial clients leveraging the features of Blue Prism are ATB financial, Barclays Bank and others.
  • Kryon RPA
    Kryon is from Israel and it reconciles all the important documents that are supposed to be shared by external agents. The automated transaction reconciliation includes the extraction of data from bank statements, comparing data across various accounts, and support synchronization. The prominent issue solved by RPA here is the automation of manual processes with reduced mistakes during data manipulations.
  • Maxatta
    Maxatta has turned out to be a boon for financial traders. This software eliminates the use of manual workload and lets the traders focus on processes that cannot be automated. This RPA software pays attention to evaluating and executing trade opportunities by automating trade matching and settlement. Maxatta is a British start-up offering traders with the opportunity to focus on risk management.
  • Aurorpa
    Fraud prevention automation lies in the heart of this US startup Aurorpa. This RPA-backed software identifies suspicious behavior of particular accounts to verify if any of these activities are fraudulent. When these frauds are being monitored constantly, the virtual workforce can focus on their core tasks.

Growth Projections for RPA

  • RPA services considerably grew between 2016 and 2020.
  • By 2025, knowledge of labor automation might have a $5–7 trillion economic impact, according to Mckinsey Research.
  • More than 230 million knowledge workers, or 9% of the global workforce, would be affected.
  • Any labor-intensive business that employs people to carry out high-volume, high-transaction tasks will see a boost in capabilities and time and money savings from RPA.

Last words

RPA enhances the workflow for processing mortgage loans from beginning to end, keeping you one step ahead of the competition. The digital robot’s unique time-saving capabilities are quite simple to use and assist you in providing accurate reports.

This blog took an overwhelming amount of research and to be honest, even I learned a way down while scripting this down. Robotics is a beacon of possibilities in the fintech domain in combination with AI. By leveraging RPA it is giving an edge towards innumerable possibilities and pushing the efficiency to its zenith.

Read the latest article: 10 Best Applications Of AI In Banking

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